In pictures: Saudi Arabia economy reform

The shortfall in the kingdom's main revenue source had already led to unprecedented subsidy cuts and a slowdown in government projects as the administration tries to diversify the economy.

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Saudi women walk past a jewelry shop at Tiba market in Riyadh, on October 3, 2016. Since 2014 global oil prices have collapsed by more than half, leaving Saudi Arabia with a record deficit last year. The shortfall in the kingdom's main revenue source had already led to unprecedented subsidy cuts and a slowdown in government projects as the administration tries to diversify the economy. (Fayez Nureldine/AFP/Getty Images)

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A Saudi vendor adjusts diamonds accessories at his jewelry shop at Tiba market in Riyadh, on October 3, 2016. Since 2014 global oil prices have collapsed by more than half, leaving Saudi Arabia with a record deficit last year. The shortfall in the kingdom's main revenue source had already led to unprecedented subsidy cuts and a slowdown in government projects as the administration tries to diversify the economy. (Fayez Nureldine/AFP/Getty Images)

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A Saudi man counts banknotes at his jewelry shop at Tiba market in Riyadh, on October 3, 2016. Since 2014 global oil prices have collapsed by more than half, leaving Saudi Arabia with a record deficit last year. The shortfall in the kingdom's main revenue source had already led to unprecedented subsidy cuts and a slowdown in government projects as the administration tries to diversify the economy. (Fayez Nureldine/AFP/Getty Images)

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Saudi women walk past jewelry shops at Tiba market in Riyadh, on October 3, 2016. Since 2014 global oil prices have collapsed by more than half, leaving Saudi Arabia with a record deficit last year. The shortfall in the kingdom's main revenue source had already led to unprecedented subsidy cuts and a slowdown in government projects as the administration tries to diversify the economy. (Fayez Nureldine/AFP/Getty Images)

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Saudi women walk past a jewelry shop at Tiba market in Riyadh, on October 3, 2016. Since 2014 global oil prices have collapsed by more than half, leaving Saudi Arabia with a record deficit last year. The shortfall in the kingdom's main revenue source had already led to unprecedented subsidy cuts and a slowdown in government projects as the administration tries to diversify the economy. (Fayez Nureldine/AFP/Getty Images)

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A Saudi salesman speaks to a woman inside his jewelry shop at Tiba market in Riyadh, on October 3, 2016. Since 2014 global oil prices have collapsed by more than half, leaving Saudi Arabia with a record deficit last year. The shortfall in the kingdom's main revenue source had already led to unprecedented subsidy cuts and a slowdown in government projects as the administration tries to diversify the economy. (Fayez Nureldine/AFP/Getty Images)

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A Saudi vendor adjusts diamonds accessories at his jewelry shop at Tiba market in Riyadh, on October 3, 2016. Since 2014 global oil prices have collapsed by more than half, leaving Saudi Arabia with a record deficit last year. The shortfall in the kingdom's main revenue source had already led to unprecedented subsidy cuts and a slowdown in government projects as the administration tries to diversify the economy. (Fayez Nureldine/AFP/Getty Images)

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A Saudi man counts banknotes at his jewelry shop at Tiba market in Riyadh, on October 3, 2016. Since 2014 global oil prices have collapsed by more than half, leaving Saudi Arabia with a record deficit last year. The shortfall in the kingdom's main revenue source had already led to unprecedented subsidy cuts and a slowdown in government projects as the administration tries to diversify the economy. (Fayez Nureldine/AFP/Getty Images)

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A Saudi salesman adjusts diamonds pendants at his jewelry shop in Tiba market in Riyadh, on October 3, 2016. Since 2014 global oil prices have collapsed by more than half, leaving Saudi Arabia with a record deficit last year. The shortfall in the kingdom's main revenue source had already led to unprecedented subsidy cuts and a slowdown in government projects as the administration tries to diversify the economy. (Fayez Nureldine/AFP/Getty Images)

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A Saudi man displays gold bracelets at his jewelry shop in Tiba market in the capital Riyadh on October 3, 2016. (Fayez Nureldine/AFP/Getty Images)